|Appears in Collections:||Management, Work and Organisation Journal Articles|
|Peer Review Status:||Refereed|
|Title:||Research and development spending and technical efficiency: evidence from biotechnology and pharmaceutical sector|
Tzeremes, Nickolaos G.
data envelopment analysis
US biotechnology and pharmaceutical firms
|Citation:||Grant K, Matousek R, Meyer M & Tzeremes NG (2020) Research and development spending and technical efficiency: evidence from biotechnology and pharmaceutical sector. International Journal of Production Research, 58 (20), pp. 6170-6184. https://doi.org/10.1080/00207543.2019.1671623|
|Abstract:||Set within the expenditure context of the global financial crisis (GFC), this paper explores how the research and development (R&D) expenditures of biotechnology and pharmaceutical companies affect their technical efficiency levels. A balanced panel of 149 US firms operating in the biotechnology and pharmaceutical sector (covering the period 2000–2017) was employed. Output-oriented partial frontier measures were used to measure the effect of R&D expenditure on firms’ technical efficiency levels. Findings suggest that company efficiency is an important contributor on the effects of R&D on productivity and efficiency. Result suggests that a relationship between technical efficiency and R&D expenditure exhibits a ‘U’-shape relationship. The estimated efficiency of biotechnology firms is higher compared to pharmaceutical firms driven by their higher R&D expenditure levels. We demonstrate that R&D expenditures are essential for firm efficiency. We posit that a threshold level for achieving optimal efficiency levels exist, which can be used to inform managerial and policy-making decisions at the firm level.|
|Rights:||[Grant-etal_InJrnlProdResearch_v12_R_R1_Oct_2018.pdf] This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. This is an Accepted Manuscript of an article published by Taylor & Francis Group in International Journal of Production Research on 30 Sep 2019, available online: http://www.tandfonline.com/10.1080/00207543.2019.1671623.|
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